ANZ’s outgoing CEO Mike Smith defends Asia legacy | afr.com

“Frustration is a very polite word for it,” Mike Smith says when asked how he feels about criticism of ANZ’s Asia strategy.

In a parting shot to the sell-side analysts who believe the company’s offshore expansion has been a mistake, the forthright chief executive says it is another example of the short-termism that directs much of Australia’s corporate decision making.

Smith announced on Thursday that he is bowing out eight years to the day since he started in the job. The outspoken Smith is being replaced by the bank’s mild-mannered finance chief, Shayne Elliott.